Slovenia's Sava Re plans higher dividend for 2023

Sava Re's total dividend payout will amount to 27.1 million euro, or 42% of the group's net profit for 2023, a 9.4% increase over the dividend paid for 2022, Sava Re said in a bourse filing last week.

The remaining part of the balance sheet profit of 30.4 million euro remains undistributed and represents retained earnings, Sava Re said.

The proposal follows Sava Re's dividend policy, which defines a payout in the range between 35% and 45% of the group's profit, the company noted.

The consolidated net profit of the Sava Insurance Group grew to 64.7 million euro in 2023 from 46.9 million euro in the previous year, as business volume increased by 14.4% to 910.1 million euro in 2023, driven by growth in non-life and life gross premiums written.

($ = 0.92112 euro)